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Smart Robot Market Research Report - Forecast till 2027

Smart Robot Market Research Report by Components (Actuator, Sensors, Power Source, Control Systems), Vertical (Automotive, Manufacturing, Electrical & Electronics, Food & Beverages, Chemical, Residential, Entertainment)- Forecast till 2027

ID: MRFR/SEM/5159-HCR | December 2022 | Region: Global | 100 Pages         

Smart Robot Market

The smart robot market is expected to grow at USD 2 Billion by 2023, at 23% of CAGR between 2018 and 2023.

Segmentation

By Component Actuators Sensors Power source Control systems
By Vertical Automotive Manufacturing Electrical and electronics Food and drinks Chemical Residential Entertainment

Key Players

  • Honda Motor (Japan)
  • iRobot Corporation (US)
  • Seiko Epson Corporation (Japan)
  • GreyOrange Pte Ltd (Singapore)
  • Rethink Robotics (US)
  • KUKA AG (Germany)
  • F&P Personal Robotics (Switzerland)
  • SoftBank Robotics (Japan)
  • Yaskawa Electric Corporation (Japan)
  • FANUC (Japan)

Drivers

  • The growth of industrial automation and advancement in robotics for connected and digital world.
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Smart Robot Market Size and Overview


Globally, the size of smart robot market is set to grow at a CAGR of 23% from a value of USD 4.5 Billion in 2017 to hit USD 15 Billion by 2023 driven by the rise of smart manufacturing, especially in the West, which is a huge factor.


Smart robots are the most exceptional in Artificial Intelligence. One rough illustration of a smart robot is the Alexa developed late. Regardless, intelligent robots have been utilized widely by people in savvy fabricating lately. These robots can and frequently perform undertakings that people wouldn't do because the (errands) are viewed as either excessively dreary or tedious or excessively risky for people to do.


The smart robot market is exceptionally cutthroat. It's likewise exceptionally divided. The market has a high CAGR. It's likewise rewarding and generally has a few obstructions to the section. Subsequently, many organizations, particularly bigger organizations with greater depositories, are captivated to enter the market.


Organizations observe that they need to put intensely into innovative work to foster the new age of mechanically progressed robots and automated gadgets that will sell at more exorbitant costs. In this manner, they can have a practical upper hand that will guarantee that they keep on excess monetarily and financially.


The Asia-Pacific locale might have the biggest portion of the overall industry; however, the North American area will have the most noteworthy development rate for this report's time span.


Smart Robot Market COVID-19 Analysis


COVID-19 is the novel virus that has left many in the modern world perplexed. It may belong to the family of coronavirus that causes the flu and the common cold but they act in ways that differ from the viruses that cause the first two ailments. COVID-19 can be considered dangerous because it can cause serious and long-term health problems and issues in people. These problems and issues often don’t develop or manifest themselves until long after the people have made a full recovery.


What made many people around the world fear the COVID-19 virus was that it left some people hospitalized and even resulted in a few deaths. It also produced antibodies that were short-lived. Therefore, it was entirely possible for many people who had made a full recovery to get the virus again after just two or three months of complete recovery.


Governments around the world realized that this virus couldn’t be taken lightly. That’s why they imposed quarantines and lockdowns during the spring of last year. These were temporary because they didn’t really work. The effects of the quarantines and lockdowns on most businesses in most industries around the world were far from temporary though. Many were forced to either scale back production dramatically or halt production altogether. Some businesses were even forced to close their doors permanently.


The companies in the smart robot market suffered the exact opposite fate though. These robots were capable of delivering medicines and monitoring patients remotely during the height of the pandemic. They also helped doctors diagnose patients remotely and help shield frontline workers from the full effects of COVID-19.


Demand for smart robots is still increasing in the post-pandemic world. It’s because medicine and medical monitoring have become much more remote.


Smart Robot Market Dynamics



  • Drivers


The rise of smart manufacturing, especially in the West, is a huge factor that’s driving growth in the global smart robot market. Other factors include the recent appearance and development of devices that are part of the Internet of Things (IoT) These devices need to be managed and controlled by robots and robotic devices.


Demand for smart robots is increasing because these machines represent Artificial Intelligence (AI) at their best. They are accurate in their work, never miss details, never make mistakes, and never get tired.


Smart robots differ from traditional and previous generations of robots because they are capable of machine learning. That means that they can take in and process information. They can also analyze this information and their surroundings to learn what they could do better next time.



  • Opportunities


Many governments are enticed by the various capabilities that these smart robots seem to have. They’re encouraging private industries to research and develop newer generations of robots that have more of these ‘smart’ capabilities.


Many industries in the private sector are also inspired by the rise in smart homes and smart cities. They are investing billions to develop the advanced technologies that will allow them to develop the robots and robotic devices that can effectively and adequately man these homes and cities.



  • Restraints


The Internet is still developing, even though it’s 25 years old this year. Also, about half of the world is still not online. Therefore, a lot of network connections are not secure or not secure enough. This is a factor that’s holding growth back in the global smart robot market.



  • Challenges


Perhaps the biggest challenge that companies in the smart robot market face lie in attempting to produce newer generations of smart robots that are more technologically advanced and can connect with and work with any network connection, regardless of its quality, while keeping the prices of these robots in the affordable range for the global masses.



  • Technological Analysis


Honda Motor is a major smart robot market key player. It is an industry leader because it invested heavily in research and development. Thus, it was able to develop those robots with advanced technologies that would outsell those of the competition and at higher price points. The company was able to create a sustainable competitive advantage that made it economically and financially viable and profitable.


Smart Robot Market Segment overview


By Component


This segment can be grouped into these sub-segments:



  • Actuators

  • Sensors

  • Power source

  • Control systems


The actuators sub-segment can be separated into electrical, pneumatic, hydraulic, piezoelectric, and ultrasonic.


The sensors sub-segment can be separated into a gyroscope, microphone, accelerometer, tilt sensor, force/torque sensor, position sensor, and vision/image sensor.


By Vertical


This segment can be grouped into these sub-segments:



  • Automotive

  • Manufacturing

  • Electrical and electronics

  • Food and drinks

  • Chemical

  • Residential

  • Entertainment


Regional Analysis


The global smart robot market can be grouped into the following regions:



  • North America

  • The European Union

  • Asia-Pacific

  • The Rest of the World


The global smart robot market growth rate is expected to be substantial and exponential for the five years from 2018 to 2023. The Asia-Pacific region should enjoy the largest smart robot market share for the time period that this report covers. There are many reasons for this. The first, and most important, is the fact that many economically and technologically advanced and developed nations belong to this region. These include the four East Asian Tigers:  South Korea, Taiwan, Singapore, and Hong Kong.


Another technologically and economically advanced and developed Asian nation is Japan. China is rapidly catapulting itself into these two categories. These nations are expected to dominate growth in the smart robot market in this region for the time period that this report covers.


The Asia-Pacific region is also rapidly industrializing and urbanizing. This is most evident in India and China. These phenomena require a lot of robots and robotic devices. The semiconductor industry is also advancing and growing rapidly in the Asia-Pacific region. Once again, this requires a lot of robots and robotic devices to do successfully.


The North American region is expected to enjoy the highest smart robot market growth rate for the time period that this report covers. The reason for this is the huge presence of large companies that produce smart robots which are in this region. Another reason for this is the fact that smart manufacturing is starting to make a comeback in this region. The rapid proliferation of smart manufacturing units means that a lot of robots and robotic devices are needed to man and monitor these units!


Also, smart homes and smart cities are becoming more popular in this region. Both of these need robots and robotic devices to operate properly. This is another reason why this region will have the highest smart robot market growth rate for the time period that this report covers.


Many more Americans and Canadians are using the IoT more often. Good examples of this are smartwatches, FitBit, Alexa, and smart T.V. These need robots and robotic devices to operate properly. This is another reason why the North American region will have exceptionally high growth rates in the smart robot market.


The North American region has also been a historic early adapter in terms of emerging global technologies. This is another factor why this region has high growth rates in the smart robot market.


Smart Robot Market Competitive landscape


The smart robot market is highly competitive. It’s also highly fragmented. The market has a high CAGR. It’s also lucrative and has relatively few barriers to entry. Thus, many companies, and especially larger companies with bigger treasuries, are enticed to enter the market.


Companies find that they have to invest heavily in research and development if they want to develop the new generation of technologically advanced robots and robotic devices that will sell and at higher price points. Thus, they are able to create a sustainable competitive advantage that will ensure that they continue to remain financially and economically viable.


Mergers and acquisitions and strategic partnerships with other successful companies also help companies by increasing their resource bases and knowledge bases. Thus they are able to invest heavily in the research and development that will allow them to sell better products and outsell the competition. They are also able to create a sustainable competitive advantage that will allow them to continue to remain financially viable and economically profitable and viable.


iRobot Corporation is a smart robot market key player. It’s an American company that also happens to be an industry leader. The company got to its current position by investing heavily in research and development. Thus, it was able to create a sustainable competitive advantage by developing and marketing newer generations of robots at higher price points. These were more technologically advanced than previous generations were. Hence, they were much more productive.


List of Companies



  • Honda Motor (Japan)

  • iRobot Corporation (US)

  • Seiko Epson Corporation (Japan)

  • GreyOrange Pte Ltd (Singapore)

  • Rethink Robotics (US)

  • KUKA AG (Germany)

  • F&P Personal Robotics (Switzerland)

  • SoftBank Robotics (Japan)

  • Yaskawa Electric Corporation (Japan)

  • FANUC (Japan)


Smart Robot Market Recent Developments


October 2020


ABB, LTD. procured Netherland-based delta robots producing organization named Codian Robotics B.V. The securing was planned to speed up organization commitment in the delta robot's application region.


May 2020


Mitsubishi Electric Asia Pte Ltd. reported the send-off of a progression of robots called 'MELFA ASSISTA' that can work cooperatively with people in view of wellbeing highlights like severe consistency and crash location. The series of robots upholds the automated and worldwide norms ISO/TS15066and ISO 10218-1.


Smart Robot Market Report Overview


The smart robot market growth rate is projected to be 23% until 2023. The smart robot market was worth USD 4.5 billion in 2017. It should be worth USD 15 billion by 2023.


The Asia-Pacific region may have the largest market share but the North American region will have the highest growth rate for the time period that this report covers.



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 15 Billion
  CAGR   23%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Components, Vertical
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Honda Motor (Japan), iRobot Corporation (US), Seiko Epson Corporation (Japan), GreyOrange pte Ltd (Singapore), Rethink Robotics (US), KUKA AG (Germany), F&P Personal Robotics (Switzerland), SoftBank Robotics (Japan), Yaskawa Electric Corporation (Japan), and FANUC (Japan)
  Key Market Opportunities   Increase in government initiatives and the development of smart homes and smart cities.
  Key Market Drivers   The growth of industrial automation and advancement in robotics for connected and digital world.


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Frequently Asked Questions (FAQ) :

The smart Robot Market is set to grow at a CAGR of 23% from a value of USD 4.5 Billion in 2017 to hit USD 15 Billion by 2023

Honda Motor (Japan), iRobot Corporation (US), Seiko Epson Corporation (Japan), GreyOrange Pte Ltd (Singapore), Rethink Robotics (US), KUKA AG (Germany), F&P Personal Robotics (Switzerland), SoftBank Robotics (Japan), Yaskawa Electric Corporation (Japan), and FANUC (Japan)